Hooray the British Bankers Association have announced that the number of  loans that banks let for people to buy a home  has risen to a 17 month high in July 09.  And making the bold claim that the property market is emerging from it’s recession. (personally I like to look at local houses and see if they are selling and my neighbours have just sold in 8 weeks!!!)

The Facts :

A total of 38,181 mortgages were awarded by banks in July, up from 35,564 in June and the highest since February last year, British Bankers’ Association (BBA) data showed. The typical loan size increased by 1% on the month to £139,700, with the total value of mortgages taken out for home purchase reaching £5.2bn in July, up 79.1% compared with the same month last year.

The Nationwide and Halifax also reported 1% gains in house prices last month and rightmove have seen an increase in traffic.  Speaking of RightMove if you have an iphone go and download their property application it’s superb for driving down a street and getting the details on the houses for sale!!

With rates being low at present quite a few existing debt laden borrowers are paying off more of the loan faster by over paying, which is fantastic if you can do that and not taking on new credit

British households repaid £200m of debt in July!!

May be the UK borrowers are waking up to the fact that they have to pay the personal loans back some day.

Will keep you updated